Reps To Investigate NNPC Crude Oil Exchange Agreement

The House of Representatives in Nigeria is to investigate alleged malpractices by the Nigerian National Petroleum Corporation (NNPC) over crude oil swap contracts with some oil trading companies.

According to a report by Channels TV,  the resolution followed a motion moved by Honourable Micheal Enyong, a member from Akwa Ibom State, who said there was a need to investigate the matter in the face of the country’s dwindling revenue.

 A debate, however, followed the matter, as some members moved against the motion.

 The motion raised some questions over the refined product exchange agreement between the NNPC and some oil trading companies in Nigeria.

 Despite the stiff opposition that met the motion, the Speaker of the House, Honourable Yakubu Dogara, said a committee would be set up at a later date to look into the matter.

 This will be the first investigative motion to be tabled before the 8th House of Representatives.